LIC Plans : Despite the many investment options, many still trust Life Insurance Corporation of India. LIC brings different types of plans from time to time according to the needs of its customers. Similarly, LIC had launched a new term plan ‘Jeevan Kiran Yojana’ a few days ago.
It is a non-linked, personal savings and life insurance plan. The scheme provides financial assistance to the family in case of premature death of the insured during the policy term. On the other hand, if you survive till a certain age, the total premium amount paid is refunded.
Features of Jeevan Kiran Yojana
The scheme has different premium rates for both smokers and non-smokers. The minimum basic sum assured under this policy is kept at Rs.15 lakh and there is no limit on the maximum basic sum assured. The minimum term of this policy is 10 years and the maximum term is 40 years. The premium can be paid in lump sum. Also you can choose premium monthly, quarterly, half yearly and yearly options.
Who can apply for this?
This plan is a non-linked and non-participating plan available to individuals aged 18 to 65 years. According to LIC, this policy offers life cover with refund of premium. The policy tenure ranges from 10 years to 40 years.
How much will the premium be?
The minimum installment premium for regular premium policies is Rs 3,000 while for single premium policies the minimum amount is Rs 30,000. At the same time, premium rates are different for non-smokers and smokers. The premium can be paid through single premium or regular premium. At the same time, a discount on tabular premium is also available on an investment of Rs 50 lakh.
What happens if the policy holder dies?
If the insured dies during the policy term, the family gets financial support while if he survives till maturity, the total premiums paid are refunded.
